Being in the "Experimental" category has some restrictions. You operate
under a letter from the FAA that outlines "Operating Limitations". Some
of the restrictions that apply to a/c operated as "Experimental" are no
operation for hire, no skkydiving allowed, you may or may not be able to
carry passengers other than required crew, no operation over densely
populated areas or in congested airways, VFR only. There may also be
restrictions on how far from home you can go.

Well, it depends... our plane is flown under "experimental" (it's an RV-6)
but we can carry one passenger (since there are only 2 seats), could fly IFR
if we had the instrumentation (but we don't, at least right now)... also,
the "densely populated areas or in congested airways" limitation no longer
applies, since we're out of the flight-test period. And we can fly anywhere
we wanted to.

However, we still cannot operate anything for hire.